The Tribunal allowed the application filed by Union Bank of India for recovery of dues of Rs. 25.58 lakh from the defendants. The Court ordered joint and several liability, granted simple interest at 12% per annum, authorized realization from assets, and issued a recovery certificate under the Act.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Originol Application No. - 64/23
Union Bank of lndia, Vijay Nagar, Jabatpur (M.P.)
Appticant
Versus
District-Jabatpur (M. P. ) 482001
Counset for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendants : Ex-parte
JUDGMENT 1Dated : 77rN ove mG r, 2024)
2, The brief facts of the case are that on the request of Defendant No.-1 through its Proprietor Defendant No.-2, the Appticant Bank sanctioned+Term Loan of Rs. 9.50 Lac and Cash Credit Limit of Rs. 14.25 Lac aggregating Rs. 23.75 lac on 17 /07 121 and in consideration of the same the Defendants executed requisite loan documents. The Applicant-Bank credited the subsidy of Rs. 8.75 Lac received under the PMEGP scheme into the loan account of Defendant on 06/07 121. The Defendants avaited the credit facilities but faited to liquidate the outstanding dues despite issuance of Recall Notice on 29/10/22 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex . A-1 to A-20 which were ed by Shri Premnidhi Mishra, Senior Manager.
,)
oA 64123
i) The Defendants do payjointty and severatty Rs. 25.58,860.95 (Rupees Twenty Five Lac, Fifty Eight Thousand, Eight Hundred Sixty and Paisa Ninety Five onty) together with pendentetite and future interest @12% per annum simple from the date of fiting of the OA, i.e.,74101 123, wilh costs ti[[ its reatization.
ii) The Applicant Bank is entitled to setl the personal properties and assets of the Defendants for realization of its dues, The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way deating with their properties/ assets without first paying the claim of the Applicant Bank.
iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this 27th Day of November,2024.
<- -2u ) (Ra Niwas Patet) Presidine Officer
2 issues framed by the court
Whether the application under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of dues is allowed.
Whether the relief sought in the loan recovery and issue of recovery certificate should be granted.
2 provisions across 1 enactments
Union Bank of India
M/s Bharti Trading Co. and Mrs. Bharti Soni
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
